On June 24, 2014, American Campus Communities Operating Partnership LP (the
"Operating Partnership") completed an underwritten public offering of $400.0
million in aggregate principal amount of its 4.125% Senior Notes due 2024 (the
"Notes"), which are fully and unconditionally guaranteed by American Campus
Communities, Inc. (the "Company") pursuant to a Guarantee, dated April 2, 2013.
The terms of the Notes are governed by an Indenture, dated as of April 2, 2013,
among the Operating Partnership, as issuer, the Company, as guarantor, and U.S.
Bank National Association, as trustee, as supplemented by the First Supplemental
Indenture, dated as of April 2, 2013. The First Supplemental Indenture contains
various restrictive covenants, including limitations on the Operating
Partnership's ability to incur additional indebtedness and requirements to
maintain unencumbered assets, in each case subject to the exceptions set forth
in the First Supplemental Indenture.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation Under an
Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(c) Exhibits.

Exhibit
Number Title
4.1 Form of Indenture, dated as of April 2, 2013, among American Campus
Communities Operating Partnership LP, as issuer, American Campus
Communities, Inc., as guarantor, and U.S. Bank National Association,
as trustee. Incorporated by reference to Exhibit 4.1 to Current Report
on Form 8-K of American Campus Communities, Inc. (File No. 001-32265)
and American Campus Communities Operating Partnership LP (File No.
333-181102-01) filed on April 3, 2013.
4.2 Form of First Supplemental Indenture, dated as of April 2, 2013, among
American Campus Communities Operating Partnership LP, as issuer,
American Campus Communities, Inc., as guarantor, and U.S. Bank
National Association, as trustee. Incorporated by reference to Exhibit
4.2 to Current Report on Form 8-K of American Campus Communities, Inc.
(File No. 001-32265) and American Campus Communities Operating
Partnership LP (File No. 333-181102-01) filed on April 3, 2013.
4.3 Form of American Campus Communities Operating Partnership LP 4.125%
Senior Note due 2024.
4.4 Form of Guarantee of American Campus Communities, Inc. Incorporated by
reference to Exhibit 4.4 to Current Report on Form 8-K of American
Campus Communities, Inc. (File No. 001-32265) and American Campus
Communities Operating Partnership LP (File No. 333-181102-01) filed on
April 3, 2013.

5.1 Opinion of Locke Lord LLP as to the legality of the securities registered